Two paths in my imagination.
All in all, SPY will drop below SMA20 at least in the next move. Then we will see if the lower support line works. My personal guess is that it will follow Path 2, trying to make at least one more higher high before the right shoulder forms and the bear starts roaring. It make take another 2-3 months to be there.
All in all, SPY will drop below SMA20 at least in the next move. Then we will see if the lower support line works. My personal guess is that it will follow Path 2, trying to make at least one more higher high before the right shoulder forms and the bear starts roaring. It make take another 2-3 months to be there.